Debtor finance on the rise: Bibby
Debtor finance provider Bibby Financial Services is expanding its footprint into South Australia as the business anticipates strong growth to come.
The Australian arm of Bibby grew 20 per cent in 2010 and anticipates further growth of 25 per cent in 2011, which has prompted the firm to open a new office in South Australia.
Greg Hardiman has been appointed as state manager of business development to oversee the growth in the state.
As an industry, debtor finance grew steadily in South Australia and the Northern Territory last year with turnover increasing by $12.5 million, or 50 per cent, in the 12 months to September 2010.
Bibby expects this rate of growth to continue as awareness of the benefits of debtor finance continue, while credit for businesses continues to remain tight from banks following the global financial crisis.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
